When a Democratic Administration needed billions to fight the War, Congress judicially inserted in the Second Liberty Bond Act a top limit to the U. S. debt. That figure$48,000,000,000was never approached. To a municipality a debt limit is an effective curb because it is usually fixed by State statute which invalidates securities issued in excess of the authorization. A Federal debt limit, however, is utterly without significance, for it may be changed by Congress at will. And sure enough, fortnight ago, Congress solemnly cut the debt limit from $48,000,000,000 to $45,000,000,000 by a...
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